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研究生:許偉彥
研究生(外文):Wei-Yen Hsu
論文名稱:外資持股與現金股利
論文名稱(外文):Foreign institutional holdings and cash dividends
指導教授:陳明麗陳明麗引用關係林卓民林卓民引用關係
指導教授(外文):Min-Lee ChanCho-Min Lin
學位類別:碩士
校院名稱:靜宜大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2010
畢業學年度:98
語文別:中文
論文頁數:46
中文關鍵詞:外資機構法人現金股利二元名義分對數模型多元名義分對數模型
外文關鍵詞:Foreign investorsCash dividendBinomial Logit ModelMultinomial Logit Model
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  • 點閱點閱:279
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本文分別採用二元名義分對數模型及多元名義分對數模型,進行實證分析外資機構法人對台灣地區2000年至2008年上市(櫃)公司的股利發放政策的影響及外資機構法人對公司股利發放變動政策的影響。實證結果顯示外資機構法人對公司股利的發放及股利的發放的變動皆有正向影響。另外,本文亦發現當外資持股增加時,原本現金股利不變的公司變成增加發放現金股利的公司的機率比原本減少發放現金股利的公司變成增加發放現金股利的公司機率高。此發現為之前文獻未提及的部份,因此是本文主要的貢獻。最後,本文發現家族企業對公司股利政策的影響並不顯著。
This paper analyzes the effect of the increased presence of foreign investors on the cash dividend policy of Taiwanese listed firms for the period 2000-2008 using Binomial Logit Model and Multinomial Logit Model, respectively. The empirical results reveal that the foreign investors with higher ownership positively affect the dividend policy of Taiwanese listed firms, which is consistent with the finding of Baba (2008). Our empirical result shows that an increase in foreign ownership is associated with a higher probability of an increase in cash dividend for a firm with a no change in cash dividend relative to a firm with a decrease in cash dividend. To our knowledge, this result has not been previously documented and is our major contribution to the literature. Finally, we find that a family-owned business plays a trivial effect on the cash dividend policy.
目錄
中文摘要..................................................I
英文摘要................................................. II
目錄……………………………………………………………………III
圖目錄………………………………………………………………V
表目錄…………………………………………………………………VI

第一章 緒論……………………………………………………………1
第二章 文獻回顧
第一節 文獻探討與假說…………………………………………………6
第二節 變數定義………………………………………………………9
第三章 MNLM實證模型與研究方法
第一節 MNLM實證模型………………………………………………11
第二節資料來源與研究樣本……………………………………………14
第四章 實證結果與分析
第一節 基本敘述統計及單變量分析……………………………………15
第二節 多變量分析……………………………………………………21
第五章 結論…………………………………………………………33
附錄……………………………………………………………………34
參考文獻………………………………………………………………36
謝祁凌,民國 90,從代理理論觀點探索公司股利政策與經營績效關聯性之研究,私立東吳大學會計系研究所未出版碩士論文。
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